Stocks fell on Wall Street as worries build that the U.S. may be headed for a painful recession.
The S&P 500 fell 0.8% The Dow and the Nasdaq also fell. Reports showed weakness in several areas of the economy, including the housing industry and manufacturing in the mid-Atlantic region, though they weren’t as bad as expected and the job market appears to remain healthy.
They follow worse-than-expected readings a day earlier on retail sales, a cornerstone of the economy, and industrial production. Altogether, they show an economy slowing under the weight of last year’s blizzard of rate hikes by the Federal Reserve.
The S&P 500 fell 30.01 points, or 0.8%, to 3,898.85.
The Dow Jones Industrial Average fell 252.40 points, or 0.8%, to 33,044.56.
The Nasdaq fell 104.74 points, or 1%, to 10,852.27.
The Russell 2000 index of smaller companies fell 18.02 points, or 1%, to 1,836.35.
For the week:
The S&P 500 is down 100.24 points, or 2.5%.
The Dow is down 1,258.05 points, or 3.7%.
The Nasdaq is down 226.89 points, or 2%.
The Russell 2000 is down 50.69 points, or 2.7%.
For the year:
The S&P 500 is up 59.35 points, or 1.5%.
The Dow is down 102.69 points, or 0.3%.
The Nasdaq is up 385.79 points, or 3.7%.
The Russell 2000 is up 75.10 points, or 4.3%.